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Global Medical Polymers finding Increased Application in Implants and Healthcare Packaging
The global market for medical polymers is anticipated to register a CAGR of 8.15% from 2017 to 2021, according to a report added to the vast repository of MarketResearchReports.biz. The report, titled “Global Medical Polymers Market 2017-2021”, finds that the rising use of thermoplastics for medical and healthcare packaging will be the primary driving force for this market.
The market for medical polymers is also boosted by the growing popularity of minimally invasive spine surgeries, the favorable features of polymers over metals used in permanent implants, and the increasing demand for smart polymers in the field of biomedicine. The medical polymers market is also anticipated to be driven by recent trends such as the rise in medical tourism in emerging economies, the use of biodegradable plastics for implants, and an increasing demand for engineered polymers. On the flip side, the medical polymers market is projected to be hampered by unfavorable reimbursement scenario in several countries, various manufacturing challenges in the path of profitability, and certain concerns related to the use of smart polymers.
The publication evaluates the global medical polymers market on the basis of product type, application, and geography.
The major product types of medical polymers include medical elastomers, fibers and resins, and biodegradable medical polymers. Among these, the fibers and resins segment held the largest share in 2016 and analysts predict that it will continue to hold the dominant position through 2021. Some of the leading medical fibers and resins are PC, PE, polyamides, and polyesters.
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On the basis of application, the medical polymers market is fragmented into diagnostic systems, implants, and hospital accessories. Medical implants hold the largest share owing to increased demand for medical polymers to be used in hip, knee, and dental implants. Polymers are rapidly replacing other materials used in implants, such as metals, alloys, and ceramics.
From a geographical perspective, the worldwide market for medical polymers is divided into the Americas, Asia Pacific, and Europe, the Middle East, and Africa. The Americas form the dominant region and will continue holding the largest share throughout the forecast period. Improved public healthcare systems, growing focus on developing innovative products, and surge in government initiatives are the key factors driving the America market for medical polymers.
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The vendor landscape of the medical polymers market is likely to witness intense competition in the coming years as players work toward expanding their geographical reach and focus on developing innovative products. Aggressive research and development activities is also a major priority for companies as they look to gain a competitive edge over other players and establish a strong foothold in the medical polymers market. Evonik, Covestro, Eastman Chemical, Celanese, and Dow Chemical are the leading vendors in this market. Other notable players include Kraton Performance Polymers, Huizhou Foryou Medical Devices, Borealis, DSM, ExxonMobil, Victrex, and DuPont.
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